Open Banking
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Open Banking
Digital Banking
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Overview:
Open Banking is a new practice in the financial sector that enables customers of financial institutions to share their financial data securely with third-party providers (TPPs), which in turn provide new and innovative financial services and products for customers, after obtaining their explicit consent.There are several open banking services and applications that provide customers with benefits in various areas, such as:
- Consolidating all bank accounts into a single dashboard.
- Personal Finance Management (PFM).
- Enterprise Finance Management (EFM).
- Credit Risk Assessment.
- E-Statement as a Service.
- Letter of Guarantee as a Service.
Open Banking Benefits
- Strengthening partnerships between banks and FinTech companies.
- Fostering opportunities to innovate and develop new financial products and services that meet customer needs.
- Improving the financial sector's infrastructure
- Increasing financial awareness.
- Enhancing customer banking experience.
- Empowering customers to leverage their financial transaction data to explore and adopt new methods of managing their money effectively.
Open Banking Services offered by Riyad Bank in partnership with permitted third-party providers:
Riyad Bank continually seeks to offer innovative digital financial services and solutions to its customers, such as open banking, and to provide the necessary technological infrastructure and technical expertise that enable the bank to strengthen its position as a strong competitor in this field.One of the open banking services currently offered by Riyad Bank to its customers through third-party providers (TPPs), is the "Account Information Service (AIS)”, which provides them with multiple benefits, including:
- Comprehensive display of customer’s financial information from multiple bank accounts.
- Enabling customers to monitor their financial behavior by viewing the transactions carried out on their bank accounts.
- Providing a variety of new investment technological options.
How to use Open Banking:
- You must have an active Riyad Bank account.
- You must be onboarded through a permitted third-party provider.
- You must give an explicit consent through the TPP to grant access to your account information.
Riyad Bank’s Open Banking Developer Portal (WSL)
WSL is to unlock a world of seamless financial integration for external customers and partners through our innovative API integration platform. Experience enhanced collaboration and effortless access to a wide range of banking services.Open Banking Developer Portal (WSL)
Permitted Third Party Providers (TPPs):
They are the companies permitted by the Saudi Central Bank to offer Open Banking products or services under the full supervision of the Saudi Central Bank.You can learn more about the Third-Party Providers (TPPs) currently permitted by SAMA through the below link:
List of Integrated Third-Party Providers (TPPs) with Riyad Bank:
- Drahim
- Malaa
- Tarabut
- Spare
- Lean
- SANAM
- Single View
- Bwatech
Frequently Asked Questions
Is Open Banking Safe?
Yes. The bank shares your data securely with a permitted third-party provider, and you will always need to authorize this provider to access your financial data. In addition to that, any third-party provider must obtain regulatory approvals and official registration with the Saudi Central Bank and adhere to the Open Banking Framework, Technical Standards, implementing cybersecurity protocols, and banking information security measures.
What data is shared?
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Third-party providers must disclose the customer’s data to be inquired and shared, the purpose, and the period during which the data will be shared. This data may include:
- Account name, account number, and account balance.
- Incoming and outgoing transactions, details of each transaction on account statement and the account balance after each transaction.
What does Open Banking consent mean?
The customer provides their explicit consent/approval to share their bank account data with a third-party provider. The bank provides access to customer’s financial data through special application programming interfaces (APIs). The customer will review what data to share and the duration granted to the third-party provider at the consent stage. The customer can also revoke their consent and stop sharing their data at any time.
How can I consent to Open Banking services?
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After setting up your account with the third-party provider app, you will be redirected to Riyad Bank Online (Riyad Online) to go through the normal log in process, and then provide your consent to share your account information.
Are Open Banking services free?
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Currently, the access to the Open Banking services is free, but the third-party providers can apply some fees to provide the services to their customers.
Can I revoke the consent/permission provided to third-party providers to access my banking information?
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Yes, you can do that any time through the Consent Management Dashboard, provided currently by Riyad Bank on its digital channel (Riyad Online).
How can I access the Consent Management Dashboard?
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- Login to your account in (Riyad Online).
- Click on (Settings & Notifications) at the top right of the screen.
- Select (Open Banking – Data Sharing).
How can I submit an Open Banking related complaint?
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You can submit a complaint either through your account in (Riyad Online) or (Riyad Mobile), as follows:
- Through Riyad Online:
- Login to your account.
- Click on (Customer Care) under (Quick Links).
- Then click on (Complaint Management).
- Then click on (New Request).
- Click on (Select Request Type) and select (Open Banking).
- Fill-in the complaint details.
- Click on (Submit).
- Through Riyad Mobile
- Login to your account.
- Click on the menu, at the top left corner.
- Select (E-Care & Help) at the bottom of the menu.
- Select (Complaint Management).
- Click on (Create New).
- Click on (Type), and select (Open Banking) at the bottom of the list.
- Fill-in the complaint details.
- Click on (Submit).
How are my personal and financial information protected in Open Banking?
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Your personal and financial information is protected in open banking through strict security and data protection regulations. Third-party providers are also required to use secure systems and protocols to protect your data.
Do I have to use Open Banking?
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It is optional for you and you can decide if you want to use it. However, Open Banking is a major shift in the financial industry that offers new, customized services and products tailored to individual needs.
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